ASHEVILLE, N.C. (WLOS) — A request from the North Carolina Rate Bureau to raise dwelling insurance premiums by an average of 68.3% over two years is raising serious concerns among western North Carolina’s short-term rental industry, a sector that plays a major role in the region’s tourism economy.
Dwelling policies are different from standard homeowners insurance and cover non-owner-occupied homes, including Airbnbs, vacation rentals and investment properties. These policies already cost significantly more because they cover higher-risk uses, such as rental income loss and damage caused by guests.
Tyler Coon, a short-term rental owner and real estate professional who has developed multiple high-end rental properties in the Asheville area, says insurance has always been one of the biggest expenses, even before this proposal…